Qihoo sells biggest Asian CB for three years

The Chinese internet company has raised $900 million through a convertible bond.

Qihoo 360, a Chinese internet company, sold Asia’s biggest convertible bond for three years on Thursday, raising $900 million.

The deal was structured into two equally sized tranches, one with a six-year maturity and three-year put, and the other with a seven-year maturity and five-year put. This unusual structure was designed to avoid overlapping with its existing $600 million convertible, which is puttable in 2016 and matures in 2018.